Bankruptcy Attorney Lane County OR
The Tom Butcher Law Office, LLC services Lane County, OR and surrounding areas. We offer top-quality representation for those who are struggling with crippling debt. Whether it be unforeseen medical expenses, loss of work, or a recent divorce, Butcher Law Office understands that this is a very difficult time in your life.
While some bankruptcy firms manage their clients on an assembly line, Butcher Law Office prides itself on providing compassionate face-to-face legal advice that meets your individual needs.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is for those with a crushing amount of unsecured debt. This includes personal loans, credit card debt, and medical debt. When you file under Chapter 7, all unsecured debt can be discharged (erased).
Chapter 7 bankruptcy is known as liquidation bankruptcy because your creditors can force the liquidation of valuable assets. But those who file under Chapter 7 almost never have valuable assets worth liquidation. You can also protect certain assets up to a specific dollar amount under the bankruptcy code.
The biggest risk with Chapter 7 is that the bankruptcy will remain on your credit for the next ten years and hurt your credit score. But for most of those filing under Chapter 7, their credit score is already in a bad place. While the bankruptcy will remain on your credit report, you can begin rebuilding your credit almost immediately after receiving your discharge. Over time, the impact of the bankruptcy on your record will matter less and less.
If you think Chapter 7 is right for you, contact Butcher Law Office, LLC for more information on we can help.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy works best for those with a lot of secured debt. Secured debt includes things like your mortgage payments, your car payments, or other items that are secured against purchase item. In other words, the purchase item acts as collateral against the debt and can be repossessed if you cannot make payments.
The way Chapter 13 works, all of your debts are rolled into a single lump-sum payment that is executed over the course of three or five years. In other words, you make a payment until your priority debts are repaid along with some (but not all) of your unsecured debt. Unsecured debt can be discharged at the end of a Chapter 13 bankruptcy.
Chapter 13 is ideal for those facing foreclosure or car repossession. It also has certain advantages concerning your credit score. The bankruptcy only remains on your credit report for seven years, and you will likely face a smaller score reduction than you would under Chapter 7.
Stop or Prevent Wage Garnishments
If you owe an outstanding debt, your credit can file a lawsuit against you. All they need to do to win the lawsuit is to prove that you owe the debt. Once they have a judgment in their favor, they can begin taking more aggressive actions to collect the debt. These include wage garnishments, real estate liens, and bank levies.
The trick to dealing with these is to never let them happen in the first place. Before a creditor can file a lawsuit, they must send notice of an intent to sue. This is a good time to consider your options, one of which, is bankruptcy.
To garnish your wages, your creditor will contact your employer and send notice that you owe a specific amount of money and they have a court judgment in their favor. They will send a demand letter to take some of your wages until the debt is paid in full. You probably don’t want your employer knowing that you owe money you can’t afford to pay. You also probably want to take home your entire paycheck.
When you file for bankruptcy, you are given an automatic stay that blocks creditors from taking any action against you, even if they have a judgment. You can prevent wage garnishments or stop a current wage garnishment by filing for bankruptcy.
Preventing Foreclosure in Lane County, OR
Those who are behind on their mortgage and are having difficulty paying have a number of options before surrendering their home. Filing under any chapter of bankruptcy will stop a foreclosure in its tracks, but to keep your home, you will need to file under Chapter 13. Chapter 13 allows you to consolidate and reorganize your debts. You will need to repay any arrearages you have while staying current on your future monthly payments.
If you’re facing foreclosure, call Butcher Law Office, LLC before it’s too late.
Preventing Repossession in Lane County, OR
The automatic stay in bankruptcy blocks creditors from taking any action against you until your bankruptcy is sorted out. If you file for bankruptcy before your car is repossessed, you can prevent a repossession, but you will need to file under Chapter 13 to keep your car. Your car payments will be rolled into your monthly Chapter 13 repayment plan and you will need to stay current with future payments.
Call Butcher Law Office, LLC to learn more about how you can prevent a car repossession.
Stop Debt Collector Harassment
While some collections agencies are legitimate, a lot of them purchase expired debt for pennies on the dollar in the hopes that they can dupe some poor fool into paying it. Even if you pay one penny toward this debt, it rehabilitates the debt and tolls the statute of limitations. In other words, the debt goes from being expired (and uncollectible) to current (and actionable).
Before you pay on a debt, you should check your credit report for active accounts. If the account isn’t there, then it may not be a valid debt. When in doubt, call Tom at Butcher Law Office, LLC. and we can help you determine if the debt is actionable or not.
Talk to a Bankruptcy Attorney Today
Butcher Law Office, LLC was founded on the principle that the practice of law is a people-first enterprise. Too often, bankruptcy firms operate on volume treating cases on an assembly line. Tom doesn’t work that way. He prefers sit-down face-to-face meetings and going over your problems, wishes, and options. Call Butcher Law Office, LLC today to schedule a free hour-long consultation.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.